Apollo Tyres to set up plant in Hungary, stock rallies nearly 3%

BSE Code - 500877
Face Value - Rs 1.00
Group - BSE 'A'
Shareholding pattern - (a)Promoters - 44.06%
                                   (b)Institutions - 43.17%
                                   (c)Non-Institutions - 12.77%
One year High-Low - Rs 217.70 - Rs 61.00
     Shares of Apollo Tyres gained momentum in lackluster market following reports that the company is planning to set-up a new plant in Hungary. 
     The project involves investments of 442.2 million euros and is expected to create over 975 now jobs. It is to be carried out in Gyongyoshalasz, in Northern Hungary. 
     The European Commission has found that regional investment aid totalling 95.7 million euro to Apollo Tyres for the construction of a tyre plant in Gyongyoshalasz (Northern Hungary) is in line with EU state aid rules. 
     Apollo Tyres is currently trading at Rs 213.70, up by 4.05 points from its previous closing of Rs 209.65 on the BSE.